JIB Q1 profits after tax reach JD 11.7 m

Jordan Islamic Bank (JIB) posted a profit after tax of about JD 11.7 million in the first quarter of 2016 compared to about JD 11.4 million for the first quarter of 2015 with a growth of about 3%, whereas profits before tax for the 1st quarter of 2016 amounted to about JD 18 million compared to about JD 16.6 million in the same period of 2015. Commenting on these results, Mr. Adnan Ahmed Yousif, Chairman of JIB, CEO of Albaraka Banking Group (ABG) confirmed the safety and strength of the financial position of the bank, its solid balance sheet and the quality of its assets which reflect the sound strategy adopted by the Bank’s board and management in facing various challenges surrounding the region with the continuation to achieve further distinguished financial results. However, the Board Of Directors of the Bank (BOD) approved the financial statements for the first quarter of the current year during its meeting which has been held in Amman on 26th April 2016, commending all the efforts exerted by the executive management and staff of the bank to achieve these results , the support of the Central Bank of Jordan (CBJ) and the official and supervisory authorities to improve the performance of Jordanian banking sector and the particularity of Islamic banking. For his part, Mr. Musa Shihadeh, CEO – General Manager of JIB said the financial results the bank achieved during the first quarter of 2016 confirm keeping the growth in various financial indicators. The total assets including (  restricted investment accounts, muqarada bonds and investment by proxy accounts ) increased to about JD 4.21 billion at the end of March 2016 compared to about JD 4.17 billion at the year – end 2015 with a growth of 1.2%. Facilities granted for customers including (restricted investment , muqarada bonds and investment by proxy) increased to about JD 3.21 billion by the end of the first quarter of 2016 compared to about JD 3.15 billion at the end of 2015 with a growth of 2%. Clients’ deposits including (restricted investment accounts, muqarada bonds and investment by proxy accounts) increased to about JD 3.78 billion at the end of the 1st Q of 2016 compared to about JD 3.75 billion at the end of 2015 with a growth of 1%. By the end of the first quarter of 2016, Owners equity increased to reach about JD 323 million compared to about JD 311 million at the end of 2015 with a growth of 3.8%. These results reflected on the key performance indicators of the bank, where the Capital Adequacy Ratio (CAR) stood at 20.88% , Non –Performing Finance (NPF)  reached about 3.71%, the Coverage Ratio 113.5% as of 31/3/2016. Shihadeh added that  JIB will continue to achieve greater  achievements in various fields and provide the best banking services in compliance with provisions and principles of Islamic Sharia  to meet the ambitions and aspirations of the bank’s clients. However, Shihadeh has announced that the bank will start to provide its banking services  in evening periods  and on public holidays including Friday and Saturday through its banking offices located in the commercial malls as of 2/5/2016 out of its interest to serve its clients in all times in addition to ensure electronic banking services via the internet or through 174 ATMs distributed in all parts of the kingdom with a branching network comprises of 93 branches and banking offices and continue the geographic expansion by opening more branches and offices during the current year.